Capital and Sovereignty : How Far Can States Maintain Their Autonomy in Globalized Market?

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  • 主権と資本
  • 主権と資本 : グローバル市場で国家はどこまで自律性を維持出来るのか
  • シュケン ト シホン : グローバル シジョウ デ コッカ ワ ドコ マデ ジリツセイ オ イジ デキル ノ カ
  • ―グローバル市場で国家はどこまで自律性を維持出来るのか

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<p>Sovereign state system and Capitalism were twins of modernity. However, the acceleration of global capital movement entangles the autonomy of states. Under the open market economy, there is a trilemma among free movement of capital, stable exchange rate, and autonomous monetary policy. Since the end of Gold-Dollar standard, the free movement of capital became the basis of international economy, and many states abandon autonomous monetary policy for attracting foreign investments. Further, those states in deep debt crisis lose their autonomy by accepting conditionality of IMF in return for emergency lending. However, states maintain their sovereign rights, and in order to regain their autonomy, protectionism and populism may rely on de jure sovereignty to empower their states from influence of global capital. Although states equally hold de jure sovereignty, there is an unevenness of the distribution of power, or de facto sovereignty, to protect and rejuvenate their autonomy, so some capable countries may be more autonomous than others.</p>

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